Resurgence of the Block
At a time when commission wallets and volumes are down, institutional block trading has seen an uptick over the past year. According to Alan Hill, CFO, JonesTrading, as equity volumes have plummeted, institutions are finding it harder to move in and out of larger positions, and they increasingly recognize the value and efficiency that can be provided by block trades. Hill and TABB Group director of research Adam Sussman discuss the liquidity challenges faced by the buy side amid market structure changes and ongoing electronification and the growing role of block specialists such as JonesTrading.